Victorian, SA farms tipped to fetch more than $57 million combined

A prominent Victorian farming family and a Canadian investor are selling a 2800ha aggregation in SA and a further 960ha in southwest Victoria.

A partnership between a prominent Victorian farming family and a huge Canadian agricultural investor have listed almost 3800ha of farmland for sale, expected to be worth more than $57 million combined.

Excel Farms, operated by Nick Paterson – the son of prominent Western District landholders and ACE Radio founders Rowly and Judy Paterson – backed by Canada’s Fiera Comox Partners, have listed their 2821 Boorala Aggregation and the 967ha Karrara Aggregation for sale, less than three years after they were acquired.

In the past year, Excel Farms has significantly expanded its Australian agricultural portfolio, growing to hold more than $1 billion in farmland assets nationwide.

Notable transactions include their purchase of the 8554ha Cherylton Farms, near Kojonup WA, for more than $100 million, as well as a $40 million-plus outlay for the six-farm 12,000ha Cairlocup aggregation, located in Western Australia’s Great Southern Region.

Then in November last year Excel Farms expanded into NSW following the purchase of the $120 million, 26,839ha Ballandry Station near Griffith in the northern NSW Riverina from David Bartter.

Excel Farms are transitioning away from livestock production with the pending sales of Boorala and Karrara Aggregations. Picture: Supplied

But a restructure of their $1 billion-plus portfolio of agricultural assets has brought both Boorala and Karrara Aggregations to market.

“The listings are a nuance of strategy. Excel Farms has grown significantly further afield, so this is an optimising of their portfolio,” LAWD senior director and selling agent Danny Thomas said.

“They are focused on developing their grain growing operation.

“What they are selling today is not what they bought several years ago.

“Some bolt-on blocks have been added to the aggregations, and they have also spent significant investment on improving livestock handling facilities and soil amelioration.

“We expect the properties will attract a diversified group of buyers.”

Excel Farms purchased the Karrara Aggregation, in southwest Victoria, about three years ago. Picture: Supplied.

Karrara Aggregation, Ecklin South VIC

957 hectares

Price: more than $20 million

Purchased by Excel Farms in 2021 via off-market deals with the Logan and Watson families, the Karrara Aggregation comprises two properties Karrara Farms (559ha) and Acacia Downs dairy (409ha).

In recent seasons the aggregation has been used for breeding and fattening of cattle and is estimated to carry about 20,000 dry sheep equivalents.

Located about 30 minutes east of Warrnambool, Acacia Downs also offers 50-unit rotary dairies, as well as a newly constructed undercover yards complex, sheep yards, raised board shearing shed, workshop and substantial grain storage across the aggregation.

Mr Thomas and LAWD agent Patrick Kerr are handling the sale of the Karrara Aggregation alongside Elders Camperdown agent Rob Rickard.

Excel Farms’ Boorala Aggregation has been expanded by about 1000 hectares since its initial transaction with Duxton Farms. Picture: Supplied.

Boorala Aggregation, Frances SA

2821 hectares

Price: more than $37 million

Across the border the Excel Farms partnership is also selling the Boorala Aggregation, spanning 2821ha near Frances, 40km northeast of Naracoorte in South Australia’s southeast.

In April 2021 Excel Farms acquired the aggregation from Duxton Farms, paying $22 million for what was then 1980ha.

Now the aggregation comprises Boorala (1980ha) and Manton (841ha), primarily producing 1655ha of winter crop planted for the 2024 season, including cereals, oilseeds and faba beans crops.

Beef cattle and prime lamb production at the Boorala Aggregation runs on the remainder of the property.

LAWD are handling the sale of the Boorala Aggregation alongside TDC Livestock and Property agent Tom Pearce.

Expressions of interest for both the Boorala and Karrara Aggregation close on June 6.